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Canterbury Park Holding Corporation reports developments tied to its Canterbury Park Racetrack and Casino in Shakopee, Minnesota, including horse racing, simulcast wagering, card casino operations, food and beverage service, entertainment events, and real estate development around the racetrack.
Recurring company updates include quarterly and annual financial results, Board-approved cash dividends, casino and racing operating commentary, special-event activity, and progress on mixed-use development opportunities for land associated with Canterbury Commons™.
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Canterbury Park Holding Corporation (NASDAQ: CPHC) reported financial results for the fourth quarter and full year ended December 31, 2022. Fourth-quarter net revenues amounted to $13.1 million, a 6% decrease from 2021, while annual revenues increased 11% to $66.8 million. Net income for Q4 2022 dropped 83.9% to $1.1 million, and annual net income fell 36.3% to $7.5 million. Adjusted EBITDA for Q4 was $2.7 million, a 20% decline, but increased 12.4% year-over-year to $15.1 million for the full year. The company highlighted ongoing development projects and a strong balance sheet, entering 2023 with no long-term debt and approximately $13 million in unrestricted cash.
Canterbury Park Holding Corporation (NASDAQ: CPHC) announced a quarterly cash dividend of $0.07 per share, amounting to an annual dividend of $0.28. This dividend will be paid on April 14, 2023 to shareholders on record as of March 31, 2023.
Canterbury Park owns and operates the Canterbury Park Racetrack and Card Casino in Minnesota, offering live racing from May to September and hosting card games year-round. The Company is also developing approximately 140 acres of underutilized land for mixed-use opportunities to enhance shareholder value.
Canterbury Park Holding Corporation (NASDAQ: CPHC) has declared a quarterly cash dividend of $0.07 per share, payable on January 13, 2023, to stockholders of record by December 30, 2022. This dividend translates to an annual rate of $0.28 per share. The company operates Canterbury Park Racetrack and Card Casino in Minnesota, focusing on live racing and year-round wagering, while also exploring development opportunities for approximately 140 acres of land to enhance shareholder value.
Canterbury Park Holding Corporation (NASDAQ: CPHC) has promoted Jason Haugen to Vice President of Real Estate for Canterbury Park Development, LLC. In this role, he will oversee the ongoing development of Canterbury Commons, a 140-acre site surrounding the racetrack. Under Haugen's leadership, over $200 million in development has been completed or announced, including 900 residential units and several commercial projects. His previous experience includes roles at Kilbourne Group and Newport Partners. This promotion reflects the company's confidence in Haugen's leadership as they continue to enhance shareholder value.
Canterbury Park Holding Corporation (NASDAQ: CPHC) reported record financial results for Q3 and YTD 2022, highlighting a 4.4% increase in net revenues to $22.3 million for Q3 and a 15.6% increase for the nine-month period to $53.7 million. Net income rose 5.9% year-over-year in Q3 to $2.9 million, while diluted EPS grew 3.5% to $0.60. Adjusted EBITDA reached $5.3 million for Q3, reflecting increased operational efficiency. The company sustained strong margins amid inflationary pressures, with $19 million of unrestricted cash as of September 30, 2022.